Energy

More than 38% of eligible UEX securities have already been tendered, as of this press release, with 93.4% voting in favour of the UEC transaction

 Uranium Energy Corp. (NYSE American: UEC) (the " Company " or " UEC ") and UEX Corporation (TSX: UEX) " UEX " are pleased to announce that they have entered into an amending agreement (the " Amending Agreement ") to the previously announced arrangement agreement dated June 13, 2022 as amended June 23, 2022 among UEX, UEC and the UEC 2022 Acquisition Corp., pursuant to which UEC will acquire all of the issued and outstanding common shares of UEX (" UEX Shares ") by way of a statutory plan of arrangement (the " Arrangement ") under the Canada Business Corporations Act (the " Transaction ").

Under the terms of the Amending Agreement, holders of UEX Shares (" UEX Shareholders ") will now receive 0.0890 of one common share of UEC (a " UEC Share ") for each UEX Share held, implying consideration of approximately C$0.49 per UEX Share based on the closing price of UEX Shares and UEC Shares on the Toronto Stock Exchange and the NYSE American Exchange, respectively, and the spot exchange rate as of August 5, 2022 . The Amending Agreement also increases the termination fee (to be paid by UEX to UEC if the Transaction is terminated in certain specified circumstances) by 7%, which is an increase proportional to the percentage increase in the offered exchange ratio under the Amending Agreement. Other than the foregoing, the terms of the Transaction remain unamended.

Amir Adnani , President and CEO of UEC, commented: "We are pleased to have come to an agreement with UEX and look forward to completing this Transaction following the UEX Shareholder vote tomorrow. As mentioned previously, the acquisition is expected to double UEC's uranium resources 1 at only 14.2% dilution to existing UEC Shareholders. Completion of this Transaction will create the largest, diversified North American focused uranium company with 100% unhedged production. Roger Lemaitre and the UEX team have done a remarkable job assembling and advancing a highly prospective portfolio and UEC is looking forward to working with their experienced Canadian team to unlock additional value for shareholders."

Roger Lemaitre , President and CEO of UEX, commented: "We look forward to tomorrow's Meeting where shareholders will have the opportunity to vote on the amended UEC-UEX arrangement. We believe the combined companies will become the 'go-to' name in the uranium industry. The combined company would be unique, possessing a strong balance sheet, near-term production capacity at the Wyoming and Texas Hubs, a solid long-term uranium production pipeline, the ability to continue to grow its resource base through continued exploration in the Athabasca Basin and its U.S. properties, and the opportunity to extract additional value by holding one of the largest property portfolios in the industry."

The terms of the Amending Agreement were agreed following receipt by UEX of a competing acquisition proposal on July 28, 2022 for all of the issued and outstanding UEX Shares.

Board of Directors' Recommendations

The Amending Agreement has been unanimously approved by the Board of Directors of UEX who continue to recommend that UEX Shareholders and holders of options and restricted share units of UEX (collectively, the " UEX Securityholders ") vote in favour of the Transaction. The Amending Agreement has also been unanimously approved by the Board of Directors of UEC.

Transaction Conditions and Timing

Full details of the Transaction are included in the management information circular of UEX dated July 8, 2022 (the " Circular "). The Transaction will be subject to the approval of at least (i) 66 2/3% of the votes cast by UEX Shareholders, and (ii) 66 2/3% of the votes cast by UEX Securityholders, voting together as a single class, at the special meeting of UEX Securityholders which will continue to be held on Tuesday, August 9, 2022 , at 10:00 a.m. ( Vancouver time) at the Metropolitan Hotel, 645 Howe Street, Vancouver, British Columbia (the " Meeting ").

If the UEX Securityholders approve the Arrangement at the Meeting, it is currently anticipated that the Arrangement will be completed in by mid-August, subject to obtaining court approval, stock exchange approval and certain required regulatory approvals, as well as the satisfaction or waiver of other conditions contained in the Arrangement Agreement.

On completion of the Arrangement, former UEX Shareholders are expected to hold approximately 14.2% of the outstanding UEC Shares (based on the issued and outstanding UEC Shares as of the date hereof).

None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

UEX Securityholders who have questions regarding the Transaction should contact Laurel Hill Advisory Group by telephone at 1-877-452-7184 (North American Toll Free) or 1-416-304-0211 (Outside North America), or by email at assistance@laurelhill.com .

About Uranium Energy Corp

Uranium Energy Corp is America's leading, fastest growing, uranium mining company listed on the NYSE American. UEC is a pure play uranium company and is advancing the next generation of low-cost, environmentally friendly In-Situ Recovery (ISR) mining uranium projects. The Company has two production ready ISR hub and spoke platforms in South Texas and Wyoming , anchored by fully licensed and operational processing capacity at the Hobson and Irigaray plants. UEC also has seven U.S. ISR uranium projects with all of their major permits in place. Additionally, the Company has other diversified holdings of uranium assets, including: (1) one of the largest physical uranium portfolios of U.S. warehoused U 3 O 8 ; (2) a major equity stake in the only royalty company in the sector, Uranium Royalty Corp.; and (3) a pipeline of resource-stage uranium projects in Arizona , Colorado , New Mexico and Paraguay . The Company's operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.

About UEX Corporation

UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects. UEX's directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium region which in 2020 accounted for approximately 8.1% of the global primary uranium production. In addition to advancing its uranium development projects through its ownership interest in JCU, UEX is currently advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project , the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.

Additional Information

Full details of the amendment are set out in the Amending Agreement, which will be filed by UEX under its profile on SEDAR at www.sedar.com and UEC under its profiles on SEDAR at www.sedar.com and EDGAR at www.sec.gov . In addition, further information regarding the Arrangement has been shared in the Circular prepared in connection with the Meeting and filed on UEX's profile on www.sedar.com . All UEX Securityholders are urged to read the Amending Agreement and the Circular, as they will contain additional important information concerning the Arrangement.

Stock Exchange Information:
NYSE American: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, market and other conditions, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

Forward-Looking Statement Cautions

This news release includes certain "Forward‐Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward‐looking information" under applicable Canadian securities laws. These forward‐looking statements or information relate to, among other things: the ability of UEC and UEX to satisfy the other conditions to, and to complete the Arrangement; and the anticipated timing of closing of the Arrangement.

These statements reflect the parties' respective current views with respect to future events and are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Such factors include, the synergies expected from the Arrangement not being realized; business integration risks; fluctuations in general macro‐economic conditions; fluctuations in securities markets and the market price of UEC Shares; fluctuations in the spot and forward price of uranium or certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada and the United States ; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards and industrial accidents); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the parties do business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; title to properties; and the factors identified under the caption "Risk Factors" in UEC's Form 10K and under the caption "Risk Factors" in UEX's Annual Information Form.

In addition, the failure of UEX to comply with the terms of the Amending Agreement may result in UEX being required to pay a termination fee to UEC, the result of which could have a material adverse effect on UEX's financial position and results of operations and its ability to fund growth prospects and current operations. Although the UEX has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The parties do not intend, and do not assume any obligation, to update these forward‐looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

___________________________

1 Subject to the completion of technical report summaries by UEC following closing of the proposed acquisition of UEX.

Cision View original content: https://www.prnewswire.com/news-releases/uranium-energy-corp-and-uex-corporation-announce-amendment-to-the-arrangement-agreement-special-meeting-of-uex-securityholders-will-remain-on-tuesday-august-9-2022-301601295.html

SOURCE Uranium Energy Corp

Cision View original content: http://www.newswire.ca/en/releases/archive/August2022/08/c7498.html

News Provided by Canada Newswire via QuoteMedia

UEX:CA,UEXCF

GoviEx Announces Publication of ESG Report

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company") is pleased to release its first Environmental, Social and Governance ("ESG") report, detailing its ESG performance for the first six months of 2022. The report is fully compliant with SASB, IFC and GRI standards and showcases GoviEx's continued commitment to mitigating long-term impacts to the environment while progressing the interests of its stakeholders.

The ESG report was prepared using Onyen Corporation's innovative online ESG platform which powers performance comparisons making the data valuable to rating agencies and exchanges with real time criteria and materiality performance metrics.The platform removes the need for unnecessary disclosures focusing the report on what really matters.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Presenting on the Emerging Growth Metals Mining & Energy Conference Register Now

EmergingGrowth.com, a leading independent small cap media portal with an extensive history of providing unparalleled content for the Emerging Growth Companies and Markets, announces the Schedule of the 41 st Emerging Growth Conference Metals Mining & Energy for October 5, 2022.

The Emerging Growth Conference identifies companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long-term growth.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

GoviEx Announces $5 Million Bought Deal Private Placement Financing

GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) (the "Company"), is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Sprott Capital Partners in connection with a bought deal private placement financing (the "Offering") of 22,750,000 units of the Company ("Units") at a price of C$0.22 per Unit for aggregate gross proceeds of C$5,005,000.

Each Unit will consist of one Class A common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share (a "Warrant Share") at the US$ equivalent exercise price of C$0.33 (FX rate to be set based on the Bank of Canada daily exchange rate for US$ one business day prior to the closing date) for a period of 3.0 years (36 months) following the closing of the Offering.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Global Atomic Commences EPCM Phase for the Dasa Project

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12) is pleased to announce the signing of Development Consultants Private Limited ("DCPL") of Kolkata, India and Lycopodium Minerals Canada Ltd. ("Lycopodium") to commence the basic and detailed engineering, procurement and Project Management of the Dasa Mine processing plant in the Republic of Niger .

Global Atomic Corporation (CNW Group/Global Atomic Corporation)

These engineering and project delivery firms were selected to form an Integrated EPCM Project Team synthesizing proven uranium processing plant design experience with West African project management and construction experience. DCPL will focus on the Basic and Detailed Engineering required for the design of the Dasa Process Plant, with the initial phase of Basic Engineering now underway. Lycopodium will prepare the Project Execution Plan, provide input for constructability in West Africa and provide project services during this phase with the intention of continuing on to manage plant construction.

All EPCM activity will be guided and supervised by Global Atomic Owner's Team headed by Dr. Santiago Faucher , Chief Technology Officer at Global Atomic. Global Atomic and Dr. Faucher's company, Insight R&D, have now integrated metallurgical, mechanical, and electrical engineering experts with DCPL's team in Kolkata and Lycopodium's team in Toronto to direct work on the Dasa Project. Together, this Integrated EPCM Project Team will develop the detailed design and complete the project delivery, of the Dasa mine processing plant; building on proven results from the 2020 Insight R&D pilot plant trials and the findings of the 2021 Dasa Phase 1 Feasibility Study.

DCPL and Lycopodium have excellent and extensive work histories throughout Africa including technical studies, project reviews and EPCM contracting for over 77 engineering projects in mining and other industries. Additionally, DCPL has designed and built several uranium recovery and process plants and is currently the foremost engineering company in India developing that country's nuclear and uranium sectors. Lycopodium has been actively engaged in 60 mining projects across West Africa and brings recent hands-on project delivery experience in the region.

Global Atomic President and CEO, Stephen G. Roman stated, "Following Global Atomic's announcements regarding our initial off-take agreement, the formation of a banking syndicate to finance the Dasa Project and the incorporation of our Niger operating company, SOMIDA, the commencement of the EPCM phase is our next important milestone to stay on schedule to become one of the world's newest uranium production companies. Similar to most multinational firms, who source specialized engineering from India today, Global Atomic has identified DCPL as having the World's most compelling experience and track record in the design of uranium processing plants. DCPL's uranium experience will reduce project technical risk, while its ability to deliver highly detailed engineered designs will reduce in-field work and enable good project cost control."

" After an extensive selection process, DCPL and Lycopodium emerged to form the best team to undertake the EPCM phase of the Dasa Project. This Integrated EPCM Project Team is committed to completing the project on time and keeping the Dasa Project on schedule to deliver yellowcake to utilities in Q1 2025."

About DCPL

Development Consultants Private Limited ("DCPL"), is an India -based trans-national consulting engineering firm that provides an entire suite of Project Engineering services to its clients in India and around the world, from concept to commissioning, for diverse core sector and speciality projects. DCPL has led projects in many fields including mining, mineral processing and beneficiation, renewable energy and environment, power generation, transmission and distribution, industrial water supply and treatment and industrial wastewater treatment and reuse.

DCPL ( www.dcpl.net.in ) is closely associated with many of the nuclear power projects in India and has engineered approximately 45,000 MW of installed generation capacity, DCPL is one of the leaders in the nuclear field globally.

About Lycopodium

Lycopodium Minerals Canada Ltd., based in Toronto , is a subsidiary of Lycopodium Limited (ASX: LYL) which is headquartered in Perth, Australia , and is a leader in its field, working with clients to provide integrated engineering, construction and asset management solutions.  Lycopodium has the expertise to deliver complex, multidisciplinary projects, through to the provision of feasibility studies and advisory services. Operating across the Resources, Infrastructure and Industrial Processes sectors, they offer a diverse team of industry experts to deliver bespoke and innovative solutions across all commodity types.

With the capability to deliver projects around the world, Lycopodium has offices in Australia , South Africa , Canada , Ghana and the Philippines . For more, visit www.lycopodium.com .

About Global Atomic

Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company's Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger , the Dasa Project is fully permitted for commercial production. The Phase 1 Feasibility Study for Dasa was filed in December 2021 and estimates Yellowcake production to commence by the end of 2024. Mine excavation began in Q1 2022.

Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Turkey . The plant recovers zinc from Electric Arc Furnace Dust ("EAFD") to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. ("Befesa") listed on the Frankfurt exchange under 'BFSA', holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .

The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

SOURCE Global Atomic Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/28/c9407.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
GTI Energy

Positive Start To Wyoming ISR Uranium Drilling With Additional Roll Fronts Encountered At Thor

GTI Energy Ltd (GTI or Company) is pleased to advise that 2 mud rotary drill rigs have now completed the first 25 holes, for 12,820-feet (3,908 metres), of its planned 100,000-foot drill program in Wyoming’s Great Divide Basin. Drilling has commenced within the Thor prospect (Thor) with 40,000-feet (12,200 metres) for ~70-holes of drilling planned at Thor (Figure 2).

Keep reading...Show less
Elevate Uranium

Koppies Mineralisation Extended by 10 km

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTC:ELVUF) is pleased to announce the discovery of a uranium mineralised zone extending continuously over a further 10 kilometres to the northeast of the Koppies 2 resource. On 4 May 2022, in an ASX release titled “22% Increase in Mineral Resources”, the Company announced the initial JORC (2012) Inferred Mineral Resource Estimate (“MRE”) of 20.3 million pounds (“Mlb”) eU3O8 at its Koppies Uranium Project in Namibia (See Page 8). The announcement also identified the potential to expand the mineralisation of Koppies beneath, adjacent and to the northeast.
Keep reading...Show less

Latest Press Releases

Related News

×